I-T Department detects unaccounted income of over ₹200 crore during raids in J&K, Punjab

Group found to be inflating purchases of dry fruits over years

The Income-Tax Department searches against people engaged in the business of dry fruits in Jammu & Kashmir and Punjab has led to detection of unaccounted income exceeding Rs.200 crore.

During the searches, the agency found digital evidence indicating that an assessee group had been inflating purchases of dry fruits over the years. It is alleged that unaccounted cash was being received back by the directors of the group against payment made to various entities for such purchases.

The department found that one group maintained a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in books of accounts. “One of the groups was also indulging in unaccounted purchases and sales of dry fruits. Excess stock to the tune of ₹40 crore has been found,” said the agency, adding that a benami proprietary concern was also being run.

In both groups, the claim of deduction under Section 80IB of the Income-tax Act was found to be fake and estimated to be about ₹30 crore. “The search action has resulted in the seizure of ₹63 lakh in unaccounted cash and jewellery worth ₹2 crore…14 bank lockers have been placed under restraint,” the agency said.

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